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National Investment Fraud Lawyers

¿Perdió en bonos y fondos de Puerto Rico?

Have You Suffered Losses Due to Investments with Wells Fargo Financial Advisor Jeffrey Hawley in Puerto Rico Bonds?

Posted on Wednesday, June 27th, 2018 at 8:07 am    

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Erez Law is currently investigating Wells Fargo financial advisor Jeffrey Hawley (CRD# 1131302) regarding Puerto Rico bond losses. Hawley has been registered with Wells Fargo in Monroe, Louisiana since 2008.

Puerto Rico suffers from long-term financial and economic deficiencies that rendered its credit increasingly more speculative. The deterioration of Puerto Rico’s financial condition culminated in its debt being downgraded to junk status or speculative (below investment grade). For the past several years, Puerto Rico has been struggling with compounding debt and economic decline. As a result, the value of Puerto Rico’s municipal tax-free bonds has considerably fallen. Since September 2013, when the steep decline in Puerto Rico bond values began, investors holding these bonds have suffered massive losses. In May 2017, Puerto Rico filed for bankruptcy protection from creditors in what is being described as the largest municipal bankruptcy filing in history.

In January 1991, the National Association of Securities Dealers, Inc. sanctioned Hawley to a monetary fine of $5,000 regarding censure. According to the broker’s comments, “Only after some of the investments declined in value did the client complain about the losing transactions including some investments he specifically authorized.”

Hawley has been the subject of two customer complaints between 1990 and 2018, according to his CRD report:

April 2018. “Claimant alleges in or around late 2012, the FA made an unsuitable recommendation to purchase Puerto Rico bonds and thereafter to hold the bonds.” The case is currently pending.

February 1990. “Alleged unauthorized trading.” The case was settled for $17,500.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Wells Fargo may be liable for investment or other losses suffered by Hawley’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.